Views: 3 Author: Site Editor Publish Time: 2021-03-08 Origin: Site
Benefiting from positive factors such as India's economic development, real estate and tourism booming, urban and rural income growth and other positive factors, the Indian furniture industry has shown vigorous development in recent years. There are opinions that the Indian furniture market is expected to reach 15 billion US dollars by 2020.
The biggest feature of the Indian furniture industry is that companies fight their own way. Only 15% of companies have joined industry organizations. According to estimates, the market value of the Indian furniture market is about 8 billion U.S. dollars, accounting for about 0.5% of the gross national product. Among them, 80% of enterprises produce civilian furniture, and 15-20% of enterprises are engaged in the production of office furniture.
In addition, the purchase of imported furniture by wealthy Indian households has also shown an increasing trend, which has caused Indian furniture imports to climb to US$150 million, a compound annual growth rate of 60%. With the increase of wealthy families in Indian cities, imported furniture continues to rise steadily.
At present, India's main furniture importing countries include: Italy, Germany, Spain, China, the Philippines, Malaysia, South Korea, Indonesia and Japan. Among them, nearly 60-70% of imported furniture are sold to Delhi, Mumbai, and Pune, while the rest are mainly sold to Bangalore, Hyderabad, and Chennai.
The furniture produced locally in India mainly includes civilian and custom furniture. Indian production companies usually adopt the three-tier sales method of distributors, wholesalers and retailers. The market is mainly concentrated in 589 cities, of which category A and B cities account for 33% of the market share. The combination of a healthy economic system, a growing middle class and institutional consumption is driving the Indian furniture market to grow steadily.
All in all, the steady growth of the Indian economy and the resulting improvement in living standards are the key to promoting Indian furniture consumer demand.
India’s society is in a period of vigorous rise of the middle class. The McKinsey report shows that the middle class in India reached about 250 million in 2015, accounting for 20% of the total population. The proportion of the middle class will continue to grow, and the middle class will reach 5.8 by 2025. Billion.
Upper-middle class families pay more attention to design and quality, and price is not the decisive factor they consider. They prefer European-style furniture. Most of the demand for international furniture brands comes from big cities, and imported furniture is more popular.
India is the eighth-ranked consumer country in the world, and the furniture market is estimated to be 8 billion and will grow at a rate of 15% per year.
Benefited from the rapid development of India's economy, the prosperity of the real estate industry and tourism, the general growth of income in urban and rural areas, and the increasing development of mass media has also triggered the middle class's yearning for modern high-quality life. The Indian furniture market is in a booming development stage.
As India's domestic furniture industry is unable to meet the huge market demand, furniture imports are also increasing year by year.